Michael Bright, CEO of the Structured Finance Association, predicted that the CFPB will soon bring another lawsuit involving ABS following a tepid reaction from the securitization market to a lawsuit by the bureau against a student loan ABS.
Servicing issues remained the top type of mortgage-related complaint received by the CFPB. The only mortgage category to see an increase in complaints was loan applications. (Includes two data tables.)
While updates to Regulation X are needed, many of the bureau’s proposed changes will create limitations or additional challenges for mortgage servicers, according to industry experts.
The regulators clarified that the final document is intended to be limited to “real estate-related financial transactions that are secured by a single 1-to-4 family residential property.”
A recent Supreme Court ruling that in-house adjudications seeking civil penalties entitle the defendant to a jury trial will have an impact on how the CFPB uses administrative proceedings.
The Office of the Comptroller of the Currency is reviewing its 2020 interpretation of preemption under the Dodd-Frank Act to see if any updates are needed, according to Acting Comptroller Michael Hsu.
Moves by the Trump administration are disrupting the economy and the federal agencies that deal with the housing market. Bob Broeksmit, president and CEO of the MBA, isn’t sure how it’s all going to play out.
The 10-year Treasury rate is declining and the possibility of a recession is growing.
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